Proposed Regulations

National Credit Union Administration (NCUA), along with the other financial regulators (the Agencies), issued for public comment a proposed Statement on Subprime Mortgage Lending. The proposal addresses emerging issues and questions relating to certain subprime mortgage lending practices, including certain adjustable-rate mortgage (ARM) lending products.

Recently, the National Credit Union Administration (NCUA) issued for public comment an advance notice of proposed rulemaking (ANPR) regarding mergers, conversions from credit union charter, and account insurance termination. See 12 CFR Parts 708a and 708b.

Recently, National Credit Union Administration (NCUA) issued proposed amendments to Part 740 of its Rules and Regulations. The proposed rule would revise the requirements for use of the official insurance sign and official advertising statement to allow insured credit unions to use the basic form of the official advertising statement, a shortened form alone, or the official sign alone in advertisements. This is intended to provide more flexibility in complying with the advertising rule.

The proposed rule would expand the requirements to serve “underserved areas,” but the requirements would conform to those prescribed by the Community Development Financial Institutions Fund.

The current three year time period during which a Reg Flex FCU must partially occupy acquired property, absent a waiver, would be extended to six years with respect to acquisition of unimproved land.

Recently, NACHA – The Electronic Payments Association (NACHA), issued two proposals to amend the NACHA Operating Rules (Rules). The proposals are part of NACHA's comprehensive risk management strategy, which began with the proposal and finalization of the recently issued Network Enforcement Rule.

Recently, the National Credit Union Administration (NCUA) issued a proposed rule regarding credit union reporting requirements. Under the proposed rule, credit unions would be required to submit reports via a web-based system.

The NCUA, along with the other banking regulatory agencies, seeks comment on whether the agencies should provide guidelines to determine when those who furnish information to consumer reporting agencies (CRA) should be required to include the account opening date.

This Credit Card Accountability, Responsibility and Disclosure Act (CARD Act), which was signed in to law on May 22, 2009 placed restrictions on fees associated with gift cards and imposed new disclosure requirements for such fees. This proposed rule implements those provisions of the act. The provisions related to gift cards go in to effect on August 22, 2010.

On July 26, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to require all federally insured credit unions to file quarterly Financial and Statistical Reports (“Call Reports”).

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 749, NCUA's rule on vital records preservation.

On Thursday, September 7, the NCUA Board unanimously approved an advance notice of proposed rulemaking (ANPR) on overseas branching by federally insured statechartered credit unions.

At a February 3 special meeting, the NCUA Board approved a proposed rule on a risk-based net worth requirement for “complex” credit unions. This rulemaking is the result of a requirement in the Credit Union Membership Access Act (CUMAA) to define credit unions that are complex by reason of their portfolios of assets and liabilities.

NACHA has issued a request for comment on a proposed rule change that would permit the conversion/truncation of certain corporate checks in the Accounts Receivable Entries (ARC), Point-of-Purchase (POP) and Re-presented Check Entries (RCK) applications.

On September 19, the NCUA Board unanimously approved a proposed rule concerning revisions to §701.19 clarifying the scope of the rule and the investments Federal credit unions may use to fund employee benefits.

On May 24, 2002, Rules Work Group #52 of the National Automated Clearing House Association (NACHA) published a second set of proposed amendments that would modify the NACHA Operating Rules to address inconsistencies that have been identified within the Rules and to modify certain aspects of various applications to function more efficiently in today's marketplace.

Recently, the Federal Reserve Board (Board) published proposed rules designed to establish uniform standards for providing disclosures under five consumer protection regulations: B (Equal Credit Opportunity); E (Electronic Fund Transfers); M (Consumer Leasing); Z (Truth in Lending); and DD (Truth in Savings).

Recently, NACHA's Rules Work Group #32 published proposed amendments related to ACH data security requirements. The proposed amendments are intended to strengthen ACH security for transactions occurring via Unsecured Electronic Networks.

The proposal is in response to increasing costs for managing risk in the ACH Network due to the rise in the number of unauthorized debit entries.

The Securities and Exchange Commission (SEC) has issued a proposed rule providing three exemptions for credit unions from the definitions of “broker” and “dealer” under the Securities Exchange Act of 1934.